Yesterday’s sentiment held firm throughout today’s trading session as the CSE went on to achieve new highs. The market opened strongly with the ASPI climbing as soon as trading resumed and the ASPI crossed the 19,000 mark briefly during morning hours.
However, the market also saw some volatility during the day, and the ASPI dipped steeply around midday. But the index recovered soon after and ended the day in the green at 18,946, having gained about 108 points during the day.
JKH emerged as the top positive contributor to the ASPI along with COMB, AEL, HAYL and LOLC. The day was also marked by a turnover level that reflected yesterday’s sentiment. By the day’s end turnover was LKR 9.1Bn, though slightly lower than yesterday’s LKR 9.4Bn level, which is significantly ahead of the monthly average, which stands at LKR 5.7Bn.
The Capital Goods sector led the turnover, accounting for 33% of the day’s total, followed by the Banking and Real Estate sectors, which together contributed approximately 31%. Foreign investors remained net sellers with a net outflow of LKR 25.9Mn.
BOND MARKET
Activity stalls as the secondary market hits pause
Activity in the secondary bond market remained rather lethargic today as yesterday’s tepid atmosphere continued to hold firm.
This resulted in a static yield curve amidst limited volumes. Amongst the few trades that were carried out today, the noteworthy ones were even fewer.
At the short end of the yield curve, 01.05.2028 traded at 8.85% while 15.12.2028 traded at 9.00%. Moving ahead on the yield curve, 15.12.2029 was seen changing hands at 9.52%. Finally,15.09.2034 maturity traded at a rate of 10.88% today.
In the forex market, the LKR depreciated against the greenback, closing at LKR 300.9/USD, compared to the previously seen rate of LKR 300.7/USD. Meanwhile, overnight liquidity in the banking system contracted to LKR 84.3Bn from the previously seen level of LKR 109.0Bn.
Courtesy: First Capital Research
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